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Concept
Supply And Demand
Summary
Supply and demand
is a
fundamental economic model
that explains how
prices are determined
in a market based on the
availability of goods
(supply) and the desire for them (demand). When
demand exceeds supply
, prices tend to rise, and when
supply exceeds demand
,
prices tend to fall
, reaching an equilibrium where
supply equals demand
.
Relevant Degrees
Economic Theory and Concepts 70%
Economic Planning and Policy 30%
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